Out-of-State Trusts Need Updated

Many folks have Living Trusts that were formed in California or another state before moving to Nevada.  These trust documents should be updated to avoid what is known as "conflicts of laws".  A Living Trust attorney forms trusts to avoid probate, but when a Living Trust is formed in another state, you are much more likely to need a court order ...

What is Wrong with Estate Planning?

Estate planning is the process of preparing your assets for death and possible incapacity. It also includes planning for estate taxes. The primary tool used for estate planning is the revocable living trust. This is supplemented with a will, financial powers of attorney, and health care directives. While these documents are important, document preparation firms have turned the documents into ...

Do I Need an Attorney to Help With My Will?

Wills and trusts are common ways you can convey your assets to other individuals upon your death, according to Cornell University School of Law. You may have reached a place in life that you feel the need to prepare a will. In addition, you may wonder if you should retain an attorney to assist you in preparing it. There are ...

5 Problems with a Living Trust

Living Trust are great tools that are used by many Americans to solve a range of problems from probate, guardianship, divorce, lawsuits and gold diggers. Yet, a Las Vegas Living Trust attorney may not tell you that many Living Trusts may cause more expense and headaches than probate if they are not used properly. Problem 1: Wrong State Forum When ...

5 Types of Probate Court Cases

Probate courts deal with matters pertaining to the estate of a deceased and oversee the distribution of assets after a person has passed on. The word probate refers to the proving of a will: determining if a document outlining the decedent's last testament is valid or not. Probate cases take different forms, and each one has unique procedures that will ...

Inherited IRAs Are Naked

The U.S. Supreme Court ruled that children with inherited IRAs from their parents will not be able to keep the IRA in bankruptcy.  What does that mean for your children?  If your child has either a bankruptcy, lawsuit, divorce or IRS problems then those creditors can take all or a part of the IRA your child inherited from you. The solution is simple: the ...

Married? Your Trust is Probably Too Complicated!

Many married folks with a Revocable Living Trust (“RLT”) have a complicated planning tool commonly referred to as the (“A/B Trust”). In 2001, an estate paid a 55% estate tax on any assets valued at more than $675,000 (“the exemption”). Married couples were not guaranteed to each get the $675,000 exemption so they often created the A/B Trust to double ...

Humans Should Never Own Real Estate

I've been teaching attorneys, CPAs and Realtors for the past 12 years that title to real estate should never be owned by individuals.  Why? When an individual owns real estate the Probate Court must determine who will become the beneficiary when the individual dies.  This probate cost is approximately 5% of the fair market value of the real estate. If the ...